Despite the new tariff regime, trade uncertainty remains. Many companies are requesting refunds, which by one estimate could total $175 billion.
Shipping containers are stacked at PortMiami as workers handle cargo in Miami, Fla., on Jan. 20, 2026. Joe Raedle/Getty Images
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President Donald Trump’s new global tariffs took effect at 10 percent at midnight on Feb. 24 despite his weekend social media post stating he would raise them to 15 percent.
The Supreme Court ruled last week that the International Emergency Economic Powers Act—also known as IEEPA—did not grant him the power to impose tariffs on U.S. trading partners.
